Page 65 - TURKRptAug20

Nov 8, 2019
Vakifbank
SPK Approval
€1
-
mortgage-backed
Oct 18, 2019
Turkish Airlines
Mandated Lenders
-
-
bond or ETTC
Akbank, one of Turkey’s largest private lenders, has sold $500mn worth of USD-denominated senior unsecured eurobonds abroad. They are due February 2026 at a fixed coupon rate of 6.80%, the lender ​said​ on June 30 in a stock exchange filing.
Turkey’s five-year credit default swaps (CDS), treated as a volatile trading instrument by the markets, stood just below 500bp as of July 1.
Citigroup Global Markets Limited (Citi), Emirates NBD Capital Limited (Emirates NBD), ICBC Standard Bank Plc (ICBC), Merrill Lynch International (BofA), SMBC Nikko Capital Markets Limited (SMBC Nikko) and Standard Chartered Bank (SCB) acted as book-builders in the issuance, to be completed on July 8.
The deal on Akbank’s e RegS/144A benchmark papers comes amid expectations that emerging market investors have finally opened up for corporate and financial institution issuance, Global Capital noted.
Akbank on July 24 sold $50mn worth of eurobonds due November 2024 at a coupon rate of 6.05%.
The lender has $500mn of eurobonds due October 2022 (USM0375YAK49),
65​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com